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REGISTERED NUMBER: 01393204 (England and Wales)








AFAN TYRE DISCOUNT CENTRE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 OCTOBER 2023






AFAN TYRE DISCOUNT CENTRE LIMITED (REGISTERED NUMBER: 01393204)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


AFAN TYRE DISCOUNT CENTRE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 OCTOBER 2023







Directors: Mr Martin D Lewis
Mr M D Lewis
Mrs D Lewis





Secretary: Mrs D Y Lewis





Registered office: Unit 2 Gas Works Estate
Victoria Road
United Kingdom
Neath Port Talbot
SA12 6DB





Registered number: 01393204 (England and Wales)





Accountants: Carr, Jenkins & Hood
3 New Mill Court
Enterprise Park
Swansea
SA7 9FG

AFAN TYRE DISCOUNT CENTRE LIMITED (REGISTERED NUMBER: 01393204)

BALANCE SHEET
29 OCTOBER 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 166,873 159,510

Current assets
Stocks 51,559 59,592
Debtors 5 168,399 152,402
Cash at bank and in hand 205,382 277,604
425,340 489,598
Creditors
Amounts falling due within one year 6 207,052 195,456
Net current assets 218,288 294,142
Total assets less current liabilities 385,161 453,652

Creditors
Amounts falling due after more than one
year

7

(37,721

)

(50,075

)

Provisions for liabilities (26,428 ) (31,764 )
Net assets 321,012 371,813

Capital and reserves
Called up share capital 100 100
Retained earnings 320,912 371,713
321,012 371,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

AFAN TYRE DISCOUNT CENTRE LIMITED (REGISTERED NUMBER: 01393204)

BALANCE SHEET - continued
29 OCTOBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





Mr Martin D Lewis - Director


AFAN TYRE DISCOUNT CENTRE LIMITED (REGISTERED NUMBER: 01393204)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 OCTOBER 2023


1. Statutory information

Afan Tyre Discount Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

AFAN TYRE DISCOUNT CENTRE LIMITED (REGISTERED NUMBER: 01393204)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 OCTOBER 2023


2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. Employees and directors

The average number of employees during the year was 9 (2022 - 9 ) .

4. Tangible fixed assets
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Cost
At 30 October 2022 247,262 1,650 88,235 2,124 339,271
Additions 42,984 - - - 42,984
Disposals - - (15,598 ) - (15,598 )
At 29 October 2023 290,246 1,650 72,637 2,124 366,657
Depreciation
At 30 October 2022 132,038 581 47,115 27 179,761
Charge for year 22,715 161 9,528 209 32,613
Eliminated on disposal - - (12,590 ) - (12,590 )
At 29 October 2023 154,753 742 44,053 236 199,784
Net book value
At 29 October 2023 135,493 908 28,584 1,888 166,873
At 29 October 2022 115,224 1,069 41,120 2,097 159,510

AFAN TYRE DISCOUNT CENTRE LIMITED (REGISTERED NUMBER: 01393204)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 OCTOBER 2023


5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 160,375 146,479
Other debtors 8,024 5,923
168,399 152,402

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 2,354 2,354
Trade creditors 130,390 116,783
Taxation and social security 22,737 21,328
Other creditors 41,571 44,991
207,052 195,456

7. Creditors: amounts falling due after more than one year
2023 2022
£    £   
Bank loans 19,167 29,167
Hire purchase contracts 18,554 20,908
37,721 50,075

8. Secured debts

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 20,908 23,262

The finance lease is secured on the assets being leased.

9. Other financial commitments

The company had total financial commitments on 29th October 2023 of £14,709 (29th October 2021 £29,274).